By virtue of the powers under Section 11 read with Section 11A of the Securities and Exchange Board of India Act, 1992, SEBI has made amendments to ESOS/ESPS guidelines and Listing Agreement. Now, ESOS/ ESPS of listed companies shall not involve acquisition of securities from secondary market
Further to this circular, listed entities are required to do the following:
1. If their ESOS/ ESPS involves dealing of securities in secondary market, such companies will be required to inform the details of their schemes to the Stock Exchanges within 30 days from date of this circular, in the format provided in Annexure II (ie., 17.02.2013).
2. Also, they shall align their ESOS / ESPS with the new rule on or before 30.06.2013